WASHINGTON (dpa-AFX) - Oil held a gain on Friday after drone attacks on Iraqi oil fields and recent data pointing to sustained market tightness. A weaker dollar and Fed rate cut hopes also boosted prices.
Brent crude futures for September delivery climbed 0.6 percent to $69.95 a barrel in European trade, while WTI crude futures were up 0.9 percent at $68.12.
Simmering tensions in the Middle East and strong summer demand boosted oil prices. A drone loaded with explosives struck an oil field in Iraq's northern Kurdistan region on Thursday, leading to a suspension of production.
Several oil fields in the region have been hit in the space of a week, prompting supply concerns.
Meanwhile, EU countries today approved a new package of sanctions against Russia over its war in Ukraine, including a lower oil price cap on Russia's global oil exports, a ban on transactions with Nord Stream gas pipelines, and the targeting of more shadow fleet ships.
The 18th round of sanctions since the 2022 invasion was signed off as Slovakia's Russia-friendly Prime Minister Robert Fico withdrew his objections after securing what he called 'guarantees' from the EU on gas prices.
The EU will keep raising the pressure until Russia ends its war,' EU foreign policy chief Kaja Kallas said in a statement.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
